Practical ideas: PROMOTE RISK MANAGEMENT AS A SERVICE

Risk managers have a unique competency to identify and analyse risks using advanced tools like scenario analysis, sensitivity analysis, decision trees and Monte-Carlo simulations. This toolset can significantly improve business decision making. And just like any other service or tool it needs to be marketed to the rest of the organisation.

Risk management needs to be seen as an internal service offering.

Risk managers need to make management aware and to promote its quantitative risk analysis and risk modelling services to the business. Risk managers should have a clearly documented value proposition for its services, including:

  • Documented methodology;
  • Estimation of time and company resources;
  • Expected benefits;
  • Reporting templates and examples.

A number of the risk managers we have interviewed commented on the fact that best results and most value is created when an executive approaches the risk manager to perform a specific risk calculation or model a particular set of scenarios. Risk managers need to make sure executives know what risk management team can offer the rest of the organization.

 

Check out other risk management books

Fundamentals of Risk Management: Understanding, Evaluating and Implementing Effective Risk Management
The Standard for Risk Management in Portfolios, Programs, and Projects
Implementing Enterprise Risk Management: From Methods to Applications (Wiley Finance)

HERE IS A QUICK CHECKLIST TO TURN THIS SECTION INTO ACTIONS

Develop quantitative risk analysis and modelling competencies within the risk management team
Promote risk management competencies within the organisation using internal meeting, bulletins and corporate website
Provide quantitative risk analysis services to different business units within the organisation
Offer quantitative risk analysis services to key contractors, suppliers and other counterparties

 

USEFUL VIDEOS

  https://www.youtube.com/watch?v=qE0NItUkIGU

https://www.youtube.com/watch?v=yvRuUAOFBqs

RISK-ACADEMY offers online courses

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Informed Risk Taking

Learn 15 practical steps on integrating risk management into decision making, business processes, organizational culture and other activities!

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ISO31000 Integrating Risk Management

Alex Sidorenko, known for his risk management blog http://www.riskacademy.blog, has created a 25-step program to integrate risk management into decision making, core business processes and the overall culture of the organization.

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Управление рисками

В этом коротком и очень увлекательном курсе, Алексей Сидоренко расскажет о причинах внедрения риск менеджмента, об особенностях принятия управленческих решений в ситуации неопределенности и изменениях в новом стандарте ИСО 31000:2018.

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